The deal demonstrates how M&A has been a feature of the world's fiduciary, trusts and administration sector over the past decade and more.

Boston Multi Family Office has wrapped up its acquisition of the fiduciary business Turnstone (Isle of Man) Limited.

Boston is headquartered in the Isle of Man and has an office in Malta. (It has no direct business connection, despite its name, to the US.)

The deal, which is Boston’s third acquisition since the management buyout in October 2019, follows the purchase of IQE Limited in 2020 and Fedelta Trust Limited in early 2023.

Roelf Odendaal (pictured), co-founder of Turnstone (Isle of Man), and his fiduciary team and clients join Boston, the firm said in a statement. Odendaal helped found the business in 2001 with his wife Kirsten and his brother, Heinrich. Boston, which is supported by Horizon Capital, was founded a year later. 

The acquisition is an example of the kind of M&A activity that has been a continued feature of the world’s fiduciary, trusts and administration sector in recent years, driven by a need for scale to handle rising costs, as well as expanding client demands. A desire by banks to offload often complex businesses is also a reason for some of the consolidation.